New York factory index contracts for a ninth month in January

Manufacturing in New York contracted for a ninth straight month in January and a gauge of expectations for six months from now was negative for the first time on record.

The Federal Reserve Bank of New York’s general economic index rose to minus 22.2 from a revised minus 27.9 in December that was lower than previously reported, the bank said today. Readings below zero for the Empire State index signal manufacturing activity is shrinking, according to a Jan. 15 Bloomberg report.

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